Record Retention and Destruction

Below is a list of Administrative and Fiscal Affairs (AFA) financial documents and their required retention periods. Most of these documents either originate in AFA or reside there after they have been entered into the university financial system. This listing is based on the retention and destruction schedule approved by the IU Archives department in Bloomington.

This list is compiled:

To advise departments of their responsibility for the retention of their financial records.

Source documentation, accounting documents, supporting information, financial and statistical records, and all other records pertinent to a contract or grant must be retained for at least seven fiscal years plus the current fiscal year. This includes transactions that originated on non-Contract and Grant accounts but were later transferred to a Contract and Grant account.

For Contract and Grant payroll related items, the minimum retention period is seven fiscal years + the current fiscal year. However, some items must be retained for a longer period of time. See the "PAYROLL" section of this document for further restrictions.

Documents

Retention Period

Includes proposals submitted by faculty members for grants, original contract agreements from sponsoring agencies, supporting documentation, accounting documents, copies of financial reports, and correspondence.

7 F/Y + Current

Current Accounting Documents

Often, the original copies of accounting documents are retained in FMS or put in storage until such time as they are destroyed. Many of the accounting records have duplicate copies that are retained by departments when submitting the original for entry into the system. These duplicate copies are important records and must be retained by the departments for three fiscal years plus the current fiscal year for Internal Auditing and State Board of Accounts audits.

Current Accounting Documents

Original Document Retention Fiscal Years

Duplicate Copy Retention Fiscal Years

FIS "Electronic" Documents

Permanent

3 F/Y + Current

Auxiliary Financial Reports/Vouchers

7 F/Y + Current

3 F/Y + Current

Bursar/Student Refund Checks (Bank One)

Permanent

No Copy

Cancelled Checks -Bank One

Permanent

No Copy

Cancelled Checks -Northern Trust

Permanent

No Copy

Cash Receipt Vouchers

7 F/Y + Current

No Copy

Invoice Checks -Northern Trust

Check Kept at Bank

No Copy

Monthly Standard Reports

Permanent

No Copy

Outstanding Check List

7 F/Y + Current

No Copy

Paper DV (FM/Check Request)

7 F/Y + Current

No Copy

Payroll Checks –NBD

3 F/Y + Current

No Copy

Revolving Fund Checks

7 F/Y + Current

No Copy

System Balancing Reports

7 F/Y + Current

No Copy

TOPS Purchase Order

7 F/Y + Current

No Copy

TOPS Vender Invoice

7 F/Y + Current

No Copy

Voided Checks

7 F/Y + Current

No Copy

Pre-FIS Accounting Documents (Prior to Fiscal year 1994)

Pre-FIS Documents

Original Document Retention Fiscal Years

Duplicate Copy Retention Fiscal Years

Batch Listings

3 F/Y + Current

No Copy

Budget Reports

3 F/Y + Current
June Permanently

3 F/Y + Current

Budget Transfers

3 F/Y + Current

3 F/Y + Current

Cash Receipt Vouchers

3 F/Y + Current

No Copy

Cash Reports

3 F/Y + Current

3 F/Y + Current

General Ledger

3 F/Y + Current
June Permanently

3 F/Y + Current

Income and Expense Statements

3 F/Y + Current

No Copy

Inter-Departmental Billings

3 F/Y + Current

No Copy

Intramural Invoices

3 F/Y + Current

No Copy

Journal Vouchers

3 F/Y + Current

No Copy

Statements of Account

3 F/Y + Current

No Copy

Transfer of Funds

3 F/Y + Current

No Copy

Travel

Documents

Original Document Retention Fiscal Years

Duplicate Copy Retention Fiscal Years

In-State/Out-of-State Employee Travel Vouchers

10 F/Y + Current

No Copy

Non-Employee Travel Reimbursements (A123)

10 F/Y + Current

No Copy

Travel Authorizations

10 F/Y + Current

No Copy

Travel Reimbursements

10 F/Y + Current

No Copy

Payroll Documents

Payroll documents are crucial to the financial reporting of the university and must be kept until all federal and state auditing requirements are met. Some of the basic documents must be kept on microfilm for up to 15 years. This policy statement outlines the general rules governing the retention of these documents. No one is authorized to destroy any documents until written permission is received from AFA. A determination will be made as to the cleared audit time periods before any authorization for destruction will be given.

For Contract and Grant accounts, payroll items must be retained for a minimum of seven fiscal years plus the current fiscal year. Some of the items listed below have retention periods in excess of this minimum. For Contract and Grant accounts the LONGER of: 1) seven fiscal years plus the current fiscal year or; 2) the period stated below must be followed.

The following documents are governed by this policy:

Document

Retention

Certificate of Residence

Destroy 3 years after termination or change in certificate.

Deduction Cards

Destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Most items are kept 2 years.

Deduction Listing Printout

Destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Most items are kept 2 years.

Federal Exemption Certificates (W-4)

Destroy 4 years after due date of annual tax return after certificate has become outdated or replaced.

Federal Withholding Statements (W-2/W-2P)

Microfiche.

Financial Control Totals

Destroy after 3 years and after receipt of State Board of Accounts audit report and satisfaction of unsettled charges.

Garnishment File

Destroy 2 years after obligation has been satisfied.

Holding Files

Destroy 3 years after end of fiscal year and after receipt of State Board of Accounts audit report and satisfaction of unsettled charges.

Payroll Check Register

Microfiche.

Payroll Distribution

Destroy after 15 years.

Payroll Vouchers

Microfilm and destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Destroy microfilm after 15 years.

Perf Quarterly Reports, Wages, and Deductions

Microfiche and destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges. Hard copy kept for 1 year.

Quarterly Report

Microfilm and destroy hard copy after 7 years. Destroy microfilm 4 years after filing of final report.

Retirement and Pension Records

Microfilm and destroy paper after 2 years.

State Exemption Certificates (W4-H)

Destroy 4 years after due date of annual tax return.

State/Federal Monthly Withholding Tax Returns

Destroy 4 years after due date of annual tax return.

Tax Correspondence

Destroy after 4 years.

TIAA Monthly Reports

Microfilm and destroy after receipt of State Board of Accounts audit report and satisfaction of unsettled charges.